With the mandatory compliance of MTD for VAT rules just weeks away for businesses with a taxable, annual turnover below £85,000, business owners in the UK and their accountants are getting ready to be compliant.
In theory, MTD measures will completely modernise tax reporting, whilst simultaneously helping to close the government’s ‘tax gap’, reported to be £35bn in 2019/20.
According to the UK government, as of the end of last year, nearly 1.6 million taxpayers had joined MTD for VAT with more than 11 million returns successfully submitted. Around a third of VAT-registered businesses with taxable turnover below £85,000 have voluntarily signed up to MTD for VAT ahead of April 2022, and thousands more are signing up each week.
Source Accountancy age
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